16 September 2008
British credit card holders still have a strong appetite for 0% balance transfer deals, a new survey has found. According to Abbey Credit Cards, 22% of consumers intend to transfer a balance from an existing card or an overdraft to one offering 0% interest in the next 12 months. The research found that younger people are more likely to take advantage of balance transfer deals, with 34% of those aged 25 to 34 intending to do so over the coming year. Callum Gibson, Head of Abbey Credit Cards, claimed the research highlights the flexibility that balance transfer credit cards can offer to consumers when they are "feeling the pinch" financially. However, he warned: "If people are planning to transfer a balance, they should study the small print as fees for transferring balances can sometime cancel the savings made." Earlier this month, M&S Money launched a balance transfer deal for customers signing up to its new credit card. The provider said transfers would incur 0% interest for six months, while interest would not be charged on purchases for ten months.
© 2008 Adfero Ltd
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